Posted: Sat Jan 09, 2010 7:50 pm Post subject: Fl Quit Claim Qs
A few years ago I bought a FL condo as an investment. I do not live in FL and am not a RE professional so I have not been able to deduct any of the annual losses. The mortgage and all other expenses are current.
My FL relative also bought many properties and has deducted them. Some are now in foreclosure. Due to his losses, he is now considering filling for bankruptcy. My Q: Can I quit claim my condo to him so it would be included in his losses? Does my lender have any say in this title transfer? What would be my lender's recourse against me?
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If you transfer the property to your relative now, it may be considered as a fraud. Moreover, just after getting a property, I don't think your relative will be able to file a bankruptcy immediately. You mortgage will be called due once you transfer the property to someone else.
If you are unable to keep the property and if you're facing problems in paying the mortgage dues, then you should inform the lender about it. You can go for a deed in lieu of foreclosure and get rid of the property. _________________ Procrastination is the enemy of your financial success
NealJosh Guest
Posted: Fri Jan 15, 2010 7:39 pm Post subject:
Thank you both.
My basic question is: how do I get out of this financial debacle? Most web sites talk about owners who are behind/late or in foreclosure which does not apply to me. I can afford to pay the mortgage however continued ownership throws away more $. If I sell the condo below the mortgage value, do I have to pay the difference? What are my other options?
If you short sale the property, then you would be liable to pay off the deficient amount to the lender. If you do not do so, the lender will sue you for the debts. In my opinion, your best option would be to go for a deed in lieu as Adonis has suggested.
marklavender1
